Our pivot point is at 97.83.
Our preference: the downside prevails as long as 97.83 is resistance.
Alternative scenario: above 97.83, look for 98.31 and 98.59.
Comment: the RSI is below 30. It could either mean that the pair is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 97.80 and 98.11). Finally, the CAD/JPY is trading below its lower Bollinger band (standing at 97.45).
Supports and resistances:
98.59 **
98.31 *
97.83 **
97.65
97.44 last
96.87
96.58 **
96.30 *
96.02 **
Head of Research at TRADING CENTRAL: Rémy GAUSSENS
TRADING CENTRAL is governed by the Code of Conduct of ANACOFI-CIF, an association approved by the Autorité des Marchés Financiers and registered with ORIAS under number 17005458.
Written on 04-05-2023 at 10:43 UTC+1
Price reference: 97.44 last known on 04-05-2023 at 10:43 UTC+1
Investment horizon: INTRADAY